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FOX Business
Dec 2, 2012 11:00pm EST
cuts not even part of the discussion so far abt the fiscal cliff. those cuts are set to go into affect in three weeks. admiral james lyons joins us in just moments. is what drives us to broadcast the world's biggest events in 3d, or live to your seat high above the atlantic ocean. it's what drives us to create eco-friendly race tracks, batteries that power tomorrow's cars, nearlyndestructible laptops, and the sustainable smart towns of the future. atanasonic, we're driven to make what matters most better. just another way we're engineering a better world for you. ♪ lou: welcome back. we are talking about the disco cliff. we are going to turn to advance in the middle east and the united nations this wee judy millr, joe trip be, and rollins. i wanted just go back to the fiscal cliff just for a scond. that is, the republican messaging, if you will. they have an opportunity here, it seems to me, as well as a problem, but i dn't hear creative, imaginative, if you will, rhetic or language or positioning or messaging. >> we have been for about three years now. so i think there's no r
FOX Business
Dec 2, 2012 8:00pm EST
the fiscal cliff. those cuts are set to go into affect in three weeks. admiral james lyons joins us in just moments. [ male announcer ] with over 50 delicious choices of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps blo stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon®. ♪ lou: welcome back. we are talking about the disco cliff. we are going to turn to advance inhe middle east and the united nations this week. judy miller, joe trip be, and rollins. i wanted just go back to the fiscal cliff just for a second. that is, the republican messaging, if you will. they have an opportunity here, it seems to me, as well as a problem, but i don't hear creative, imaginative, if you will, rhetoric or language or positioning or messaging. >> we have been for about three years now. so i think there's no reason for it to start now.
SFGTV
Dec 2, 2012 10:00pm PST
on the fiscal cliff and sequestration cuts that it includes. the impacts on san francisco could be devastating. until we have more clarity, what congress as a whole might or might not do we will need to remain vigilant about protecting our reserves and the city's financial position. that said i'm encouraged by the reelection of president obama and certainly for the leadership that leader pelosi has given and will continue to give. we will need their leadership as the president must quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of
FOX Business
Dec 3, 2012 3:00pm EST
challenges, the fiscal cliff, we have to talk about that, do you find that farmers are cutting back? >> it is just the opposite. they try to be more advanced in technology. you can do more intelligent farming. also in the case of bad weather conditions. lori: what is the greatest in farming equipment? >> it has everything you would like to have. you could not go to new york and park it and do your business shopping because it goes 40 miles per hour. lori: that is not too shabby. that is actually pretty fast. 13% net profit in the third quarter. what are you forecasting for the duration of the year? >> this is a difficult question to answer. the guidance, about 10 billion topline and 520 and earnings per share. i think that is where we will be, hopefully a little better. i am pretty optimistic for 2013. lori: farming equipment is not my expertise. this is a wonderful segment. thank you very much. really wonderful to meet you this afternoon. thank you. >> thank you. lori: "the closing bell" ringing in about 40 minutes. who will replace timothy geithner? the president may have his mind
FOX News
Dec 3, 2012 3:00pm PST
new with no details. it is a republican compromise solution to the impending fiscal cliff. spending cut and tax increases that both sides mean would mean recession. after what both sides called a frustrating weekend. today's development don't appear to break a log jam. not yet. ed henry begins our coverage. >> reporter: good evening. they are saying the plan is ridiculous, so much so they will not offer counterproposal to the g.o.p. counterproposal and say tonight unless speaker boehner gives in on raising taxes on the rich, the president is ready to go off the cliff. >> right now i'd say we are nowhere, period. nowhere. >> john boehner declaring a stalemate in an exclusive with fox, as republicans teed off on president obama first offer that included new spending plus 1.6 trillion in tax hikes. totally unacceptable. >> i think we are going over the cliff. it's clear to me they made political calculation. white house officials insisted disaster could be amended and demanded a counter offer on the table. >> what we hope for is specificity from the republicans. >> an hour later, boehner did t
CBS
Dec 3, 2012 4:00am PST
avoid the so-called fiscal cliff, but so far there's been more rhetoric than resolve. there's now less than a month to head off the automatic tax hikes and spending cuts that will kick in next year. john boehner said he can't believe the latest white house proposal. the obama administration insists there's no deal without a tax increase. susan mcginnis is in washington with details this morning. susan, good morning to you. >> reporter: good morning, terrell. it may appear the two sides are nowhere but these talks are expected to pick up dramatically very soon. december is here and as they say here in washington the lawmakers can smell the jet fumes meaning the planes taking them home for their holiday recess. what we're hearing there should be a deal by christmas. the white house is already decorated for the holidays but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover. timothy geithner was on the hill last week to pres
CNN
Dec 3, 2012 4:00am PST
the impending fiscal cliff. talks, though, seem to be at a stalemate. yesterday with just 29 days until tax hikes and deep spending cuts kick in. both republicans and the democrats were running to the airwaves to try to explain their positions. here's what they said. >> what we're not going to do is extend those tax cuts with the wealthiest americans. those cost a trillion dollars over ten years and there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making the concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> the administration has presented a plan that calls for $1.6 trillion in new tax revenues. $400 billion in cuts to medicare and other entitlements. $50 billion for a new stimulus and congress would have to give up control over raising the debt limit. republicans have indicated that they want to raise revenue by lowering tax deductions, haven't given any speci
CNBC
Dec 2, 2012 7:30pm EST
america's economy at stake. president obama's initial offer on the fiscal cliff was resoundingly rejected by republicans. it included a $1.6 trillion tax increase, double what he campaigned on. also included $400 billion in entitlement cuts eliminating the need for congressional approval to a raise the debt ceiling. the markets rebounded later in the week following the latest hopes on a fiscal cliff agreement. america's economy grew at a faster pace than initially expected in the third quarter of the year. the second reading of the gross domestic product showed it at rate of 2.7% spurred by stronger inventories and exports. the securities and exchange commission is looking for a new chairman. mary shapirp schapiro announcin she will step down after nearly four years on the job. the obama administration says it will announce a replacement in the near future. >>> starbucks has a new way to spend a lot of money. it is introducing the most expensive blend made from a rare costa rican variety named geisha. it is $7 a cup and only available in 48 stores. if you order one, drink it slowly and enjoy every sip. >>> is the fiscal cliff a mountain or mole hill? it depends who you ask and my next guests have two different opinions. joining me i
CNN
Dec 3, 2012 2:00am PST
each day ticks by, the nation edges closer to going over the fiscal cliff. democrats and republicans cannot agree how to raise revenue and cut spending. on january 1st, as many of you know, taxes go up and doeep spending cuts take effect. the sunday talk shows reflect how far apart they are what we will not do is extend those tax cut force the wealthiest americans. there's no possibility that we will find a way to get our fiscal house in order without those tax rates going back up. >> nobody wants to go over the cliff. that's why the day after the election i tried to speed this process up by making a concession to put revenues on the table. it's unfortunate that the white house has spent three weeks doing basically nothing. >> speaker boehner added he is flabbergasted by the administration's proposals while secretary geithner said he believes a deal can be reached by the end of the year. >>> we could find out this morning if the supreme court will take up the issue of same-sex marriage. at 9:30 eastern, the court releases its orders list. there's a possibility justices will hear cases that challenge the federal defense of marriage ac
ABC
Dec 3, 2012 4:00am PST
outlined what he thinks should be cut. if they can't avoid the fiscal cliff, it means on january 1st, every american will pay more income tax, between 2,000 to $2,200 for the average family. $500 billion in automatic spending cuts will go into effect. half of that at the pentagon. the other half coming in transportation, food safety and research. economists feel if washington can't strike a deal, the economy will fall back into recession and the unemployment rate will shoot up, rob and paula. >> tahman, the clock is ticking in all of this. where do the talks go from here this week? >> well, the white house said president obama presented his plan last week and the gop leaders shot it down. now, the ball is in the hands of the republicans. right now, it's all about the math. republicans may have to cave on taxes but president obama may have to accept deeper spending cuts. only 18 days left. >> the messy art of compromise. tahman bradley live in washington. >>> and rivers are rising across northern california this morning after three powerful storms blow through in less than a week. the latest round of flooding rain drenched the area yesterday, knocking down giant trees and leaving nearly 100,000 people without power.
CBS
Dec 2, 2012 6:00pm PST
: manual, thank you. >> so the called fiscal cliff of mandatory tax increases and spending cuts is to you just 30 days away. but judging by today's talk in washington democrats and republicans are hardly any closer to finding a solution. here's anna werner. >> reporter: a week closer to the december 31st deadline, treasury secretary timothy geithner told bob schieffer any potential deal will have to include a tax hike on the upper 2% of income earners. >> there is no way to raise a meaningful amount of revenue relative to the size of our fiscal challenge by just limiting the value of deductions for the wealthiest americans. >> reporter: he said the biggest obstacle is republicans who refuse to acknowledge that fact. >> there's nothing that stands in the way of that agreement. except for the potential risk that a group of republicans decide, they hold up an agreement because they want to extend tax cuts for the wealthiest that we can't afford. >> reporter: on fox news 2 sunday speaker john boehner was not optimistic. >> i would say we're nowhere. period. we're nowhere. >> reporter: earlier
CNBC
Dec 3, 2012 4:00pm EST
for dividend payers. does the defense industry have any defense if we go over the fiscal cliff and it's starved of billions of dollars in contracts or are massive job cuts unavoidable and on the horizon? then that millionaire next door, he may no longer be a millionaire, or she f we go over the fiscal cliff. our wealth editor robert frank tal lis up the casualties coming up. you're watching "closing bell" on cnbc. this is america. we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero heartburn. a passionate belief, and the foundation on which merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch. >>> who doesn't want a special dividend? the hits keep coming. oracle announcing it will
CNN
Dec 3, 2012 11:00am PST
, presented their initial offering on the solution here to the fiscal cliff. we now know that we're 29 days away before the massive spending cuts and tax increases go into effect automatically the beginning of the year. the white house presented their plan and now just today we're getting news on the side of the republicans. ali velshi, chief business correspondent, let me bring you in. the first major difference, let's be crystal clear and run through this proposition, the fact that they want to extend the bush era tax cuts for everybody. >> right. something that some 67% of americans said that they don't agree with, something the white house says is a nonstarter. however, they have put a proposal forward. i suppose if you're negotiating, you don't put first proposal forward, the one you're going to end up with. this is from house speaker john boehner in a 2 1/2 page letter to the president, it proposes $2.2 trillion in cuts. and let me show you how they get there. $800 billion in tax reform. that is closing loopholes and credits. $600 billion in health care and medicare changes. $300 billion in other mandatory savings. $300 billi
CNBC
Dec 3, 2012 2:00pm EST
spending cuts. notice i did not call it the fiscal cliff. so ultimately which wins out? let's ask gina sanchez, director of equity and asset allocation at rubini global economics. dan, i know you've been traveling, london, san fran, all parts in between last couple of weeks. how concerned are your clients about what's going to happen on january 1st? >> it's not so much that they're concerned about what happens on january 1st because i think the bulk of our meetings have focused on the fact that this isn't really a cliff so much as a lot of people have been saying a slope. more importantly to your first question, i have been on the road for the better part of 2 1/2 months now. i don't really get many questions or have many debates about greece or spain anymore. i think there's definitely a back burner element to what's going on in europe as people focus whether it happens on january 1st or not on the fiscal cliff. >> let me follow up with that real quick. here's the thing -- the greek situation, which was driving the market negativity a few months ago, is the same, roughly, as it w
CNN
Dec 2, 2012 4:00pm PST
to avoid the fiscal cliff. the automatic spending cuts and tack increases that begin to kick in if there's no agreement by january 1st. 16 days to get here. >> i think we're far apart still, but i think we're moving closer together. >> i would say we're nowhere, period. we're nowhere. >> reporter: thursday treasury secretary timothy geithner proposed president obama's plan which included $1.6 trillion in tax revenue coming largely from an expiration of bush era tax cuts for families who make more than $250,000 a year. geithner says that's a must. >> there's not going to be an agreement without rates going up. >> reporter: the administration's plan also included $50 billion in new stimulus spending. boehner says the entire proposal represented three weeks of wasted time. >> i was just flabbergasted. i looked at him and said you can't be serious. >> reporter: the house speaker says republicans have put increased revenues, including efforts to close tax loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get
CSPAN
Dec 3, 2012 5:00pm EST
a difference on january 1st or otherwise, in terms of taxes, politics, the fiscal cliff, john mckinnon, are any of these expiring? as part of our fiscal cliff series, we're looking at the bush tax cuts that are set to expire unless congress acts, and we are looking at spending cuts. our deductions on the chopping block unless congress acts? are they floating through unless they get rid of them? guest: by and large, most of them are permanent features of the tax code. yes, the bush tax cuts include a lot of tax breaks, particularly for the wealthy. the capital gains and dividends what -- rates would go up. there are other breaks for the wealthy that would go away if we go over the cliff. there are also some breaks that would benefit working class americans. the child credit is the biggest example. also, there is relief from what is known as the marriage penalty. this is a quirk in the tax system that causes people to pay what many believe is an unfair break just because they are married. the relief from the marriage penalty would go away and the child credit would go from $1,000 back to $500. that would have a significant impact on just regular working folks. host: jason joins us from ran
ABC
Dec 3, 2012 5:00am PST
avoid the fiscal cliff, january 1st, nearly every american will pay more income tax between $2,000 to $2400 for the average family, 2% cut in payroll taxes will disappear, 500 billion dollars in automatic spending cuts in effect, half at the pentagon the other half from educating, transportation, food safety and research. economists fear if washington can strike a deal the economy will fall back into recession and employment will shoot up. tahman bradley, abc news, washington. >>> sarah palin stepped out on the red carpet -- nancy pelosi stepped out on the red carpet for a night of glamour she strolled before photographers at last night's kennedy center honors she talked about efforts to resolve the impasse. >> this is not a night of politics and policy, but since you asked, yes we think it would be a wonderful christmas gift to the american people for the middle class to have a tax cut come january. >> pelosi says she will try to force a house vote on a senate passed bill to break the deadlock. >> the kennedy center on -- -- they received the nation's highest award. >>> let's look outside good morning. good news, it is dry
MSNBC
Dec 3, 2012 1:00am PST
are wasting precious time here to avert the fiscal cliff. was this the intended effect of the president's first offer? >> what we're trying to do is to make it more likely. we come together on a good agreement for the american people that extends tax cuts to the american people. brings our long-term deficits down. tough spending savings is part of that, and invest in things that matter to the american economy, like infrastructure, and getting americans back to work. we think we can do that. we have a good chance, and it's very important. and i think we'll get there, david. >> do you think we'll get a deal by the end of the year? >> i do. because the only thing standing in the way of that is a refusal by republicans to accept that rates have to go up on the wealthiest americans. and i don't really see them doing that. >> the idea that they have signalled something significant for them, which is -- >> what is that? >> putting revenue on the table. >> it's welcome that they are recognizing that revenues are going to have to go up. but they haven't told us anything about how far rates should go up, how far revenues should go up, who should pay higher taxes. >> republicans have said that no republicans will vote for a tax rate increase. do you
CBS
Dec 3, 2012 2:00am PST
the fiscal cliff, in part to have a reset. if we any over, republicans could start talking about cutting taxes on the middle class, as opposed to keeping them up on the rich. and the democrats will could potentially get a better deal. we can see this has happened in europe. when you have this kind of brinksmanship over and over and over again, and you go back and forth, markets start to get very burden they've been very volatile. and i think businesses have been holding back on investments. you can see big capital spending by businesses in last four months has been way down, about 8%. there should be a boom going on right now. we have a construction market boom, we have an energy field that is booming. companies would be spend physician we could get over this cliff. >> schieffer: i'm hearing some liberal democrats will say let it go over the cliff. i mean, would they really do that? i mean, because what would happen, then you would have, i guess, the tax cuts would expire. but would they let these draconian cuts in, say, defense spending, where basically, the military wouldn't be able to buy g
CNN
Dec 3, 2012 1:00pm PST
to save the $2.2 trillion and avoid the so-called fiscal cliff. the across-the-board spending cuts and sharp tax increases that hit in just 29 days. let's get straight to our senior congressional correspondent dana bash. she's watching what's going on. dana, the tax rates, first of all, let's get to a major sticking point right now. there's been a counterproposal from house republicans to the white house. you have details. >> reporter: that's right. let's start exactly where you just began on those tax rates because that has become the big divide between the two sides. the answer is the house republicans are not budging. they still want to continue the bush era tax rates at all income levels. let's get specific. first of all, the counterproposal, they say they would get about $800 billion in savings from what they call tax reform, from deductions and closing loopholes, things like that. but the bush era tax rates, all of them would remain, even for the wealthiest. to show you the difference, compared to the white house offer that they got last week, $1.6 trillion in savings when it com
CSPAN
Dec 3, 2012 5:00pm EST
cliff prospect is the commendation of tax increases and spending cuts across the board and how they would have negative impacts. so we need to do it in a smart way. even as we find savings, we need to make targeted investments and we need to do things that help our economy and the long-term. >> [inaudible question] >> it is not specifically designed for that. it is the president's broader approach this. significant savings need to be where we can get them, a trillion plus in the budget control act, an additional $600 billion in savings but ford is part of the proposal. and also revenues from the wealthiest 2%, coupled to make the economy grow. it is stronger growth, stronger job creation. as a principle, deficit reduction done well and done right is positive for the economy. >> on the subject of israel, in the last few weeks, you asked about -- [inaudible] [inaudible question] the u.s. has been very steadfast to stand by israel. i'm wondering in light of that, are there any statements that have gone out in regards to what the president has done to express this and what the israelis
MSNBC
Dec 3, 2012 11:00am PST
already posed to the president, and it was what are you willing to compromise to get the fiscal cliff done? what's your answer to that question? >> i think, first of all, many compromises have been done. for example, in the cuts issues there's been over a trillion dollars of cuts. i think democrats have demonstrated over and over again we're willing to compromise and willing to make more compromises, but it's the republicans now that need to come to the table and counter the proposal that the president put forward last week. >> part of the counter of what some republicans hope is a divide within the democratic party is the issue of entitlements and how to handle it. secretary geithner was on and said republicans want entitlement change they have to propose them. let me play what he said regarding social security. >> we're prepared to in a separate process look at how to strengthen social security, but not as part of the process to reduce the deficit the country faces. >> there's a notion some republicans are for lack of a better word salivating at a possible it divide where you have some democrats who want no movement on entitlements and if there's any heat to be taken, it to come from the gop or go to the gop. >> l
Current
Dec 3, 2012 9:00am PST
rates for the wealthiest americans and if that meant going over the fiscal cliff republicans would be to blame. so nancy pelosi, little scamp that she is, she is threatening -- [ ♪ "world news tonight" ♪ ] she threatens to force a vote if the republicans don't act on the middle class tax cuts. tee-hee. i'm guessing boehner is going to be -- >> flabbergasted. >> it has never been done before. >> ever. flabbergasting. >> it is flabbergasting. >> stephanie: flabbergastacious. >> i'm impressed by your flabbergastivity. >> stephanie: lindsey graham went on to say we'll lose everything we know as america if we don't fix entitlements. we're becoming the greece of out-of-control spending. [ ♪ dramatic ♪ ] >> it in no way does that. >> stephanie: shut down that argument. the spending graphs of who -- >> nonsense. >> also, greece is falling apart because of the austerity programs implemented by the inf and the world bank. >> stephanie: we have references on that. they're wrong wrong wrong on everything. [ wah wah ] >> stephanie: i'm flabbergasted how wrong they are. 17 minutes arrive the hour. you know what else flabbergasts me? being able to carbonate soda in 90 seconds. >> my friend had a soda stream. i got to do it. it is amazing. >> did you karate chop? >> no but it is amazing se
MSNBC
Dec 3, 2012 7:00am PST
stamps in august. that cost nearly $72 billion. so when you hear about the fiscal cliff and you hear about possible cuts to entitlements, did this experience change your view of that? >> i would say it changed my view. look i've been someone that wants to support the entire community no matter what neighborhood you live in, no market what your socio-economic background. i was challenged by a local nonprofit to take this challenge to make me a stronger leader and i happily accepted that challenge and it was a good learning experience. it was only a week. it's not the same thing of having to live on food stamps full time. that's brutally difficult to go jool your tummy isn't as full as it needs to be. i get that it was only a week. it helped me be a better policymaker. >> you kept a diary of your experience. i want to read a little bit of your entry from day four. i'm facing a long hungry day and an even longer night getting dinner on the table which requires making everything from scratch on this budget. it's only for a week so i've got a decent attitude. if i were doing this with no end interesting sight i
MSNBC
Dec 3, 2012 1:00pm PST
interest i think on any party on going over the cliff. secondly, there are some cuts that go in automatically at the beginning of january that would be difficult to unravel, but you could, as ari said do, that theoretically. remember, the fiscal cliff is an idea that was put forward by republicans -- >> of course. >> as an austerity plan. i agree with ari in the sense that it's a total artifice. there's no reason why you necessarily need to have that, but railroad ama-- ari makes th good point that home ownership and charitable giving are two things in the tax code we want to keep in place. all economists are nearly unanimous if you raise rates on the top 2% you will shave off 0.1% of gdp. you will have no effect on economic growth if you increase tacks on the extraordinarily wealthy here. but, you know, again, this is a party that has campaigned for three years now on cutting the deficit, on cutting government spending. it's unbelievable to me that when you come down to the 11th hour in the negotiations right now, this party cannot identify any significant cuts of any significa
FOX News
Dec 2, 2012 8:00pm PST
from going over the fiscal cliff. tim geithner saying it's up to the gop law americas to make the next move to prevent mandatory tax hikes and spending cuts. republicans have a plan and it would provide 800 million in new revenue ore the next decade. they may consider eliminating tax deductions on high income earners. and a third powerful storm hitting less than a week. weather causing rain flooding at a rate of an inch an hour at times. thousands lost their electricity. the damage wasn't as bad as they thought it would be. >>> i am marianne rafferty. now back to foxnews.com. harris. let's send you back to huckabee hosted by dana pireno. >> when i was white house press secretary and faced a room full of reporters and i am used to getting tough questions . it has been a a while since i was grilled and since i am guest host and i can't play a bass guitar. i am take questions. only person missing is helen thomas and sit negligent front row and she and i were good friends believe it or not. who is it first. >> hi, dana, i am richard from dallas and got an easy one. you are obviously lovely intelligent nice person, is it difficult to tolerate bob beckel ev
CNBC
Dec 3, 2012 9:00am EST
even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on board with you because they fear your view. they think you do not favor going -- you favor going over the cliff. that's what they think. they think that you favor -- >> just for the record since we're on tv. that's silly if they think that they shouldn't be ceos. >> it doesn't really matter. that's what they think. >> i want you to walk me up to that moment. >> behind the record. i like that too. >> i'm stuck. like grover is stuck with this pledge he made everybody take which is that they have to go over the cliff because they obviously will not ever say the word tax. they will only say revenue. i'm stuck speaking to many more ceos than grover norquist is. he thinks it's silly. he thinks ceos are silly. i don't think they're silly. th
CSPAN
Dec 3, 2012 2:55pm EST
obama in the fiscal cliff negotiations proposing to cut to true knowledge with a combination of spending cuts come entitlement reform, and new tax revenues. there was a three page letter signed by speaker boehner, majority leader eric cantor, and other senior republicans including representative paul ryan. and this mornings "washington journal," we heard about tax reductions and credits that would go away if the fiscal cliff passes in january. >> board or series looking into the so-called fiscal cliff, we turn our attention to deductions and tax loopholes. some of them are potentially on the chopping block. joining us from the wall street journal is don mckinnon. thanks so much for joining us today. what are the loopholes and deductions? we hear those words a lot, but what are they? guest: loopholes or tax breaks of all different sorts, and whether you like a particular loophole or not depends on where you sit, i guess. there are lots of loopholes that are deductions. deductions are those that most people are familiar with. the big, itemized deductions are things like the home m
CBS
Dec 3, 2012 6:00am PST
find a way of avoiding the so-called "fiscal cliff." if a budget plan is not approved by year's end, automatic tax hikes and across- the-board spending cuts will take effect. but democrats and republicans seem to keep digging in their heels speaking on the sunday news talk shows. >> the president and the white house have had three weeks and this is the best we've got? >> what we can't do is try to figure out what works for them. they have to tell us. >> if congress doesn't act, america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase. >> "fiscal cliff," are you tired of it? >> i know. we are tired of it. >>> 6:10 now. a trip goes terribly wrong. how a california magician ended up in the hospital. >> the coast guard loses one of its own. how a smuggling investigation off the coast of santa barbara turned deadly. >> and we have a major recall to tell you about. the fire hazard involving two popular ford cars. we'll tell you about that and more when we come back. ,, ,,,,,,,,,, look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn't just start streaming six
FOX News
Dec 2, 2012 5:00pm PST
cutting spending and avoiding the fiscal cliff? congressman allen west respon responds. >> and-- >> and owed the insurance companies $150, what can we do with that. >> they've lost their homes, businesses and sense of security. is help on the way? victims of superstorm sandy. >> and how can republicans attract hispanic voters? and a look ahead who could throw their hat in the ring for 2016. ladies and gentlemen, our guest host tonight, dana perino. [applaus [applause] >> and i'm dana perino and i want to thank governor huckabee for inviting me to guest host it week while he's out on tour. it's been almost a month since the presidential election and about half the country remains elated, vindicated triumphant. they voted for president obama and are walking on cloud nine. the other half, well, not so much. they are confused, despondent, even sleepless, they wonder if the whole nation has gone quite mad and want to return it common sense not another four years on fantasy island. now, we're taught as kids to be good sportsmen, not to gloat after winning, to give the other side a hi
FOX News
Dec 3, 2012 12:00pm PST
fiscal cliff and the term economists call the series of spending cuts and expiring tax breaks that will take effect the first of the year. that could cost millions of jobs and lead to a new recession. it is basically austerity on steroids. republicans with their counteroffer today again reject the president's plan if higher taxes on families earning more than $250,000 a year. wendell is live at the white house. if they reject that i don't know how far this will go. the president could blink but his eyes seem wide open. >>reporter: it is a nonstarter if they reject continuing the upper income tax cuts. the republicans say the plan cuts the deficits by $4.6 trillion based on the white house method of counting based on the recommendations of the president's deficit reduction commission but the president could disagree. the republicans say the plan would raise $800 million through tax reform but not by phasing out the upper income bush tax cuts and before the plan was announced, white house press secretary insisted the rates will not make it to the new year. >> he will not sign a bill
KRON
Dec 3, 2012 6:00am PST
. there 28 days into the fiscal cliff. if the combination of automatic tax increases, as spending cuts that will kick in if congress does not act. if president obama and republicans appear to be playing a game of political chicken. if the president put out a proposal for 1.6 trillion and higher taxes over the next 10 years. he is also proposing 600 billion in spending cuts and 200 billion in new spending to stimulate the economy. house speaker and republican leader john bonner says that the president's plan is in serious. treasury secretary tim geithner is criticizing republicans say that they have no plan. as of right now. we are nowhere on the fiscal cliff. >> 3 you won't take my life. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12 years. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lose. ♪ woman and forced her to drive seve
CNBC
Dec 3, 2012 3:00pm EST
over the fiscal cliff, the economy is in really rough shape now. >> it is. we're seeing businesses cut back, getting ready for the eventuality they see coming, no deal by december 31st this worsening. sam, how do you want to be invested in 2013? where is the growth in the economy coming from, if anywhere? >> i think the growth is coming from an improvement in the housing sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this point offsetting with health care. >> gentlemen, thank you. more breaking news coming away right now. thanks for your thoughts. appreciate it. >> we have the letter. let's get to eamon javers. >> this is the letter speaker boehner sent to the president of the united states. the language he's choosing is important to understand, as he draes the president. the speaker saying, after a status quo election in which both you and the republican majority in the house were r
FOX News
Dec 3, 2012 10:00am PST
"kelly's court" coming up next half hour. well, the whole fiscal cliff fight is supposed to be about cutting our ballooning debts. so why is the president not proposing a quarter trillion dollars in new spending? the question is also up next. plus, lindsey graham not missing words about the possibility of closing this prison camp and moving the prisoners here is michelle malcolm joins me live to discuss why he might not get his wish. and a desperate search effort. see why the young girl's mother is the prime suspect in removing her from the hospital. >> we were seeing them by the front entrance. and they walked into the bathroom. they disconnected her from her id and just walked up the front door and got into the car. [ male announcer ] if you're eligible for medicare, now is a good time to think about your options. are you looking for a plan that really meets your needs and your budget? as you probably know, medicare only covers about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company.
CNBC
Dec 3, 2012 5:00pm EST
can make the fiscal cliff issue go away if he says let's extend the tax cuts for everybody. it is going to be a patchwork. it is not a permanent deal. just do it and talk about it. >> despite the concerns about going over the cliff we should let you know that december is actually a winning month for stocks. stocks are up 2% on average in december since 1990 with utilities and industrials leading the gain. should you be betting with history or maybe this time is different? the data mattas. they have a 2.8% gain in the month of december. >> what happened last year? last year we were dealing with europe was the front part of this burner of policy. the esm was established. it looked like we were in a place where we could get systemic risk off the table. markets were facing heavy flows of deleveraging. i think the fiscal cliff we are spending a lot of time on and we will continue to see deleveraging of trades that have worked because of all of the tax implications. i don't think you can be sure this is the same santa claus rally that you want to blindly buy. last year was very painful
FOX Business
Dec 3, 2012 4:00pm EST
thinks we're going to get a deal on the fiscal cliff and why the tax increases and the cuts in the government won't be as severe as a lot of people are fearing. >> sounds optimistic. and a new report showing more small businesses are putting a for sale sign on their doors. who's selling, who's buying, and why? it's the internet's largestsell, marketplace for buying and selling small businesses. ♪ [ male announcer ] this is steve. he loves risk. but whether he'slimbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with peoplee trusts, which is why he trades with a company that doesn't nick and dime him with hidden fees. so he can worry about other things, like what the market is doing and b ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. can i still ship a gift in time r christmas? yeah, sure you ca great. where's yr gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. you know how painful heartburn can be.
FOX
Dec 2, 2012 5:00pm PST
months ago. >>> to our continuing coverage of the fiscal cliff. treasure secretary got blunt today about taxes. he said the obama administration will refuse any deal that keeps tax cuts in place for wealthy americans. republicans are meeting that idea with stiff resistance. >> reporter: with the clock ticking and the fiscal cliff looping closure he says the white house will only agree to a plan that includes higher tax rates. >> if they are going to force higher rates on all americans because they are unwilling for 2% of the americans, that is a choice they have to make. >> reporter: calling for $1.6 trillion in tax revenue. he insists the tax cuts must expire for the wealthiest americans. >> what we did is put forward a very carefully designed mix of tax reforms to put us on a path to fixing the debt. >> reporter: republicans did not welcome the proposal. >> i was disappointed by the president's proposal. i think it is a rerun of his budget patrol. it is $1.6 trillion. >> reporter: and expressing frustration with the lack of progress. >> i would say we are nowhere. >> reporter: he disagrees, pointing out the administration offered $600 billion in cuts to healthcare and
KRON
Dec 3, 2012 7:00am PST
inconvenience for months for people on mountain view drive. >> both sides on the fiscal cliff sings to be apart. the president once said end the bush era tax cuts for people who make $250,000 a year. without a deal, and average middle-class family cut pay about $2,000 a year more in taxes. house speaker john boehner blames the stall made on the obama of ministration. he says that they are not taken republicans seriously with their plan to close loopholes and limit deductions without raising taxes. the democratic controlled senate has already voted to extend the bush does for and comes under too much of a $50,000 and letting the others expire. moody's is predicting that there will be released a short-term deal reached before the end of the year. >> harris said live look from our roof here on van ness avenue in san francisco. you should enjoy today because there is wet weather still on their way. >> we are watching wall street. it u.s. builders boosted construction spending in october of the most of five months, led by housing. strong all sales from ford and chrysler. u.s. manufacturing shrinks to its lowest level since july of 2009, first month afte
FOX News
Dec 3, 2012 12:00am PST
avoiding the fiscal cliff allen webb resphond. >> my homeowner insurance offered me $150 what can i do with that? >> they lost the home and business and sense of security. victims of super storm sandep ho on how they are coping. >> who can throw their hate in the ring for 2016. ladies and gentlemen. our guest host tonight dana preno. [ applause ] ♪ >> welcome to huckabee. i am dana pereno and i want to thank governor huckabee to have me guest host. it is it a month since the presidential election and half of the country is elate vindicate they voted for president obama and walking on cloud 9. the other half not so much. they are confuse despondant and sleepless. they wonder if the nation has gone mad and want to return to common sense not another four years on fantasy island. we are taught as kids to be good sports man and not gloat and give the other side high 5 and say good game. have we seen much much that. nope. being a good matter means being a gracious winner and a good spirited loserine if it is hard to feel that way. let losing party must ask why didn't people vote. enough se
MSNBC
Dec 3, 2012 2:00am PST
the fiscal cliff. that would allow tax rates to rise on everybody. then congress could come back after the new year and cut taxes on everyone but the wealthy. nbc's mike viqueira has the story. >> reporter: administration optimism for a deal. but only if republicans give in on raising rates for the wealthy. >> you think we'll get a deal by the end of the year? >> i do. the only thing that stands in the way of a deal right now is if a group of republican members decide they're going to block the deal because they want to extend tax cuts. we can't afford for the wealthiest 2% of americans. >> reporter: john boehner dug in. no rate rises on anyone. >> the president's idea of a negotiation is roll over and do what i ask. >> reporter: the opening bid brought the gop leaders by geithner is a nonstarter. >> i was flabbergasted. i looked at him and said, you can't be serious. >> reporter: included in the offer, $1.6 trillion in new revenue, twice what was on the table in last year's failed grand bargain, and $600 billion in spending cuts, much of it from medicare, not nearly good enough, say republicans who insist the p
ABC
Dec 3, 2012 7:00am PST
the high stakes stalemate some washington over the fiscal cliff. everyone's taxes go up. massive spending cuts take hold in just 29 days if the white house and congress can't reach a deal. and they are barely talking right now. abc's jon karl has the latest. good morning, jon. >> reporter: good morning, george. with less than a month to go, the two sides are as far apart as they have ever been. overnight, the president released a new campaign-style video aimed squarely at republicans. >> we need to get tax relief to working families. >> reporter: this morning, about the only thing that the two sides agree on is that going over the so-called fiscal cliff would be a big blow to the economy. >> it would be very damaging to average americans. there's no doubt about it. >> going over the cliff will hurt our economy, will hurt our job creation in our country. it's not fair to the american people. >> reporter: without a deal to cut the deficit, almost everybody's income taxes will go up january 1st. it's more than that. there will be automatic cuts to defense, to medicare doctors, to unemployment benefits
CNN
Dec 3, 2012 6:00am PST
to a deal to avert that fiscal cliff. the obama administration has laid out its plan calling for $1.6 trillion in new taxes. that includes letting the bush era tax cuts expire for those earning more than $250,000 a year. it's also pushing for a new $50 billion stimulus package and offering $400 billion in new cuts to medicare and other entitlement programs. but republican house speaker john boehner flatly rejected the plan on the table and what he calls the white house's unwillingness to compromise. >> i was just flabbergasted. i looked at him, i said, you can't be serious. i've never seen anything like it. you know, we've got seven weeks between election day and the end of the year. and three of those weeks have been wasted with this nonsense. >> you know, i think right now the best thing to do is for them to come to us and say, look, here's what we think makes sense. we've told them what we think makes sense. what we can't do is try to figure out what's going to be good for them. they have to come tell us. >> house minority leader and democrat nancy pelosi also jumping into the fray. she's renewed threats to bring a middle income tax cut bill to the house
ABC
Dec 2, 2012 5:30pm PST
cliff what does it mean for you. nearly everybody american will pay more taxes, between 2,000 and $2,400 per family. we enjoyed a 2% cut in payroll taxes. that will disappear. and the government will start cutting, $500 billion in spending, half at the pentagon and the other half from federal spending for education, transportation and food safety and research. all of that could send all of us back into recession. where do the talks stand? boehner says they are nowhere. and the speaker has a description for the president's negotiation style. he says it's roll over and do what i say. not a good sign with 30 days until the cliff. >> david, thank you. >>> now to a surveillance tape causing real concern this evening. and the race against time for an 11-year-old girl suffering from leukemia. her parents caught on tape, appearing to sneak her out of a hospital in phoenix. doctors the fear her life is at risk and the search is on. >> reporter: these are the last images captured on a surveillance camera of an 11-year-old cancer patient moments before her mother snuck her out of the hospital without doctors knowing. officials say h
FOX News
Dec 2, 2012 11:00pm PST
counting until we go over the fiscal cliff. >> the president is demanding higher tax rates. congressional republicans want deeper spending cuts and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we will ask the two men at the center of the negotiations where we really stand. for the president, treasury secretary timothy geithner. for the gop house speaker john boehner. geithner and boehner only on fox news sunday. plus, we've seen this movie before. the two parties edging closer and closer to the brink. we will ask our sunday panel whether we will get a happy ending or an economic disaster. and our power player of the week. a young beauty queen has to make a tough choice. all right now on fox news sunday. >> hello again from fox news in washington. well, we had quite a day around here friday with talks to avoid the fiscal cliff deadlock, and everyone saying the other side is to blame, pressure secretary geithner scheduled a ground of interviews. then friday afternoon, speaker boehner's office called to say he wanted to come on fox news sunday to tell his side
KRON
Dec 3, 2012 4:00am PST
. two of the firefighters needed surgery. >> this morning both sides of the fiscal cliff talks seem far apart. there is some optimism about coming to a short-term deal. the president wants to in the bush era tax cut people making more than a quarter of a million dollars per year. with out a deal the average middle-class family could pay about $2,000 per year more in taxes. for house speaker blames the stalemate on the above ministration. he says they are not taking republicans seriously with the plans to close loopholes and limit deductions without raising taxes. >> i realize that the president may disagree. the fact is there is a another way to get revenue from upper-income americans that does not hurt our economy why would we not consider it. >> we think it would be a wonderful christmas gift to the american people to have a tax cut come january. and we want them to tell the american people why not if they would not do it. >> we are optimistic. >> the democratic controlled senate has already voted to extend the bush cuts for incomes under $250,000 and letting the others expire. moody's analytics is predicting there will be a short-term deal reached for the end of the year. >> the second inauguration's
FOX Business
Dec 3, 2012 6:00pm EST
driving the country over the fiscal cliff. he thinks he can convince the establishment press to blame other people for his decisions. gerri: you know, to his point, the new york times had an interesting headline today, which just kind of points out where the left is coming from on this. they say obama's into giving in pushing the gop to come to the table. i thought this was almost comical? how did you respond? >> it is kind of, ." pushing the gop to come to the table, you know, where he wants the table to be set, not where the democrats -- i mean, the republicans of the table to be set. the republicans need to start defining the issue, not defending the issue. if they are not allowed to define the issue then just let barack obama try this over the cliff. barack obama, as originally the grand bargain one and 800 billion in tax cuts. then he won the election. now he wants to increase it to over one half trillion. he has double down on all of these things. if you go back historically in this whole program, you might remember roy reagan, $3 in spending cuts for every dollar in new t
CNBC
Dec 3, 2012 6:00am EST
actually see the country going over the fiscal cliff, you see these huge spending cuts kicking in at the same time as higher taxes, i know the thinking is the president can say this is the republican's fault for doing this, but do you think he'd really stay over the cliff given what that would mean to the economy in such rapid fire fashion? >> i think the sequestration is more of a problem thax the tax rates. sequestration requires very big cuts very quickly which would jaw the economy. i think the president could give a speech over the next two weeks, prepare americans for going over the cliff and it's not guilty not going to be a big deal because tax rates are going to revert to where they were and the serious conversations with republicans begin. it gives everybody an opportunity to save face. the president gets what he wants. all the tax rates are go up. he can pull back the 98%. the republicans won't go against that. so in some ways, it works in everyone's political interest. sequestration is a big problem because if that goes into effect, the country certainly almost goes into rece
FOX News
Dec 3, 2012 1:00pm PST
worried. the so-called fiscal cliff was put in law because it was stuff that would be so unacceptable congress would never let it happen, enormous tax increases, grotesque cuts in spending but here we, it is in the law. congress does nothing which congress is good at doing and go over the cliff and some want to see that happen because then the crisis will generate the kind of bipartisan agreement we need but that is irresponsible. >>neil: it is looking more likely. then who picks up the pieces? >>guest: the country suffers. i don't think anyone gains politically. you know that almost everyone here in both parties will tell you if you talk to them privately, this ends with entitlement reform. not cutting programs like medicare but slowing down the growth in the programs because they are the big drivers of the deficit and raising more out of the revenue, out of the tax system. whether you call iterates or reform over whatever you call it, and each those touches the third rail of the parties, we have to get together and say, basically, we have to do something right for the country. if we had a bipartisan, avoid the fiscal cliff and pay down the debt type of agreem
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